Indigo's Rs 11,000 crore block deal: Report claims – Company's co-founder Rakesh Gangwal sold his entire stake

About 6% stake in Indigo's parent company InterGlobe Aviation was sold today through a block deal. Through this deal, about 2.3 shares of the airline operator were sold at Rs 4,760 per share. This deal is worth Rs 11,000 crore. Between whom was this deal done, who are the sellers and buyers of the shares? No official information has been revealed about this. It is being speculated in media reports that the company's promoter and co-founder Rakesh Gangwal has sold his entire stake through the block deal. InterGlobe Aviation's shares fell after the news of the sale. The effect of the news of the sale is also being seen on the company's shares. Currently, InterGlobe Aviation's shares are trading at Rs 4,750 with a fall of 2.26%. Its stock has seen a gain of 6.50% in the last 5 days, 8.17% in one month and 52.18% in 6 months. At the same time, the stock of InterGlobe Aviation has given a return of 93.20% in one year. Gangwal resigned from the board of InterGlobe Aviation in February 2022 Rakesh Gangwal resigned from the board of InterGlobe Aviation as a non-executive, non-independent director in February 2022. He had then said that he would gradually reduce his stake in five years. In a letter written to the board, Gangwal had said, 'I have been a shareholder of the company for more than 15 years. It is natural to think about diversifying one's holdings one day. My goal in the next five years is to gradually reduce my equity stake…. Like any other plan, future developments may affect my current thinking.'

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